Illinois Tool Works Q3 Report 2023
ITW Reports Third Quarter 2023 Results
- Revenue of $4.0 billion, an increase of 0.5%
- Operating income of $1.1 billion, an increase of 9%
- Operating margin of 26.5%, an increase of 200 bps
- GAAP EPS of $2.55, an increase of 9%
- Narrowing full year GAAP EPS guidance range to $9.65 to $9.85 per share
Third quarter revenue of $4.0 billion increased 0.5 percent with organic revenue growth of 0.2 percent, as divestitures reduced revenue by 1.2 percent and foreign currency translation added 1.5 percent. On an equal days’ basis, organic growth was two percent. End customer and channel partner inventory reduction efforts associated with supply chain normalization reduced organic growth by an estimated 1 to 1.5 percent in the quarter.